The only part of Creative Cloud that really interests me is the "new features" listed in the marketing. However, the FAQ doesn't make it clear what exactly is being offered.

Are these small individual features available one-by-one on a regular basis (e.g. extra codec support in Premiere) or are they major application updates available once a year or so (e.g. Premiere Pro CS7)? The FAQ would seem to suggest the latter.

Also, are these beta-quality features or can they be used safely in a production environment?

There are legal and accounting issues that restrict a software company from adding features to software that has already been paid for under a perpetual license. These restrictions don't apply to software that is licensed under a subscription plan. This means that we have the ability to release new features to people who have licensed our desktop applications (like Premiere Pro) under the Creative Cloud Membership subscription model.

Do not misinterpret this is a guarantee of any new features for Premiere Pro (or After Effects, or Audition, ...) delivered in any specific timeframe. We are not saying whether and what we will be releasing to subscription customers in any specific timeframe. The communication so far has been intended to say that the ability to do so now exists with the subscription license model.

I am only speaking for the desktop professional video and audio applications, since you asked about Premiere Pro. You'll have to let product managers for other applications and services speak for their products.

The regular version works for me from an editing point of view but I was interested in Creative Cloud from a software development point of view. I think what I'll do is buy the regular version for now, get the month-to-month if any particular features come out for Premiere that I need to support and reevaluate when CS 6.5 comes out.

As Mediature says, the pricing is a big distinguishing "feature" for the Creative Cloud model. Just as with housing or a car, having a rent/lease/subscribe alternative is a boon for many folks---especially those who need to spin up a large, multi-person project for only a short time.

Also, there are several features and applications that only come with Creative Cloud, and not with CS6 Master Collection.

I think that different people will find each package appealing for different reasons. I like the fact that we're offering these different options so that folks can choose.